Teen Checking Delivers Freedom

Keeping your spare change in a peanut butter jar may be OK when you’re a kid, but when you hit those teenage years it’s time to find a better place for your funds.

Teen checking accounts help you take a step toward financial independence by providing low-cost, flexible options for getting and managing a checking account. Many credit unions work with teens to offer checking accounts, which are sometimes called share draft accounts.

Teen checking accounts typically are designed to serve teenagers age 13 to 18. Teens may have different reasons for opening their first account: increased earnings from a part-time job, the desire to have access to funds without carrying large amounts of cash, or even the need for an ATM (automated teller machine) or debit card for spending flexibility.

If you’re ready for an account, call or stop by any SIU Credit Union branch and get some more information about our Jr. Executives Checking Account.

Once you know the minimum opening balance cost and what features are available, it’s time to talk with your parents. If you’re younger than age 18, many credit unions require that you have a parent listed on the account with you. But the account is still yours to spend and to manage. That means that you must be ready to keep track of your deposits and expenditures.

Parents who help teens open their first checking accounts often say they want to help their teens avoid money management mistakes the parents made when they were young.